Enterprises

Hanwha Life Vietnam Continues High Growth in Q2 of 2017

Hanwha Life Insurance Vietnam Co., Ltd. on July 10 announced that ending the second quarter of 2017, its business continues to hold high growth in terms of both revenue and network development.

Accordingly, Hanwha Life Vietnam reached VND301 billion of new fees by the end of the second quarter of 2017, up 59% over the same period last year. In addition, also in the first six months of this year, Hanwha Life’s renewal fees reached VND352 billion, up nearly 60% over the same period in 2016.

In the first half of the year, the company recruited nearly 14,000 new financial consultants. Notably, in June alone, the number of newly recruited financial consultants reached over 4,000. This is the highest level since the beginning of the year due to significant improvements in Hanwha Life's compensation and recruitment policies.

Hanwha Life Vietnam's strong growth is due to its nationwide network of over 94 customer service centers. In the first six months of the year, Hanwha Life Vietnam opened 17 more customer service centers. Hanwha Life will increase its customer service centers to 100 by the end of this year to improve its distribution network and facilitate customers' access to advanced financial products of Hanwha Life. Not only expanding the customer service network, Hanwha Life Vietnam has also stepped up its distribution channel through the cooperation with Shinhan Bank and Woori Bank since the beginning of the year. Mr. Back Jong Kook, Chairman of the Board of Directors and General Director of Hanwha Life Vietnam, said that the strong growth in the second quarter of this year was due to the expansion of its extensive distribution network, the focus on enhancing customer services, and the professionalism of financial consultants.

"Hanwha Life Vietnam always considers the quality of services the foundation value. To improve the quality, we are always ready to serve and meet the strictest needs of all customers, at the same time, to improve the quality and professionalism of the financial consultant team so that they operate more and more professional. Hanwha Life Vietnam aims to become one of the leading life insurance companies in terms of quality and sustainable development in Vietnam," said Back Jong Kook.

According to Mr. Back, not only investing in insurance, Hanwha Group, Hanwha Life Vietnam's parent company, will have strong investment in other fields in Vietnam, including energy, real estate and office for rent. Specifically, on June 25th, Hanwha Group and BCG Bang Duong Venture signed a contract to invest and carry out a 100MW solar power project with an area of ​​125 hectares in Thanh Hoa district, Long An province with a total investment of nearly US$100 million. As planned, the plant will be started in 2018 and will generate electricity in 2019.

Earlier in March, Hanwha Techwin / Security Business Co., a member of the Hanwha Group of Korea, invested US$100 million to build a security equipment factory in Que Vo Industrial Zone in Bac Ninh province. Currently, the plant is under construction and is expected to come into operation next year. After being put into operation, this factory is expected to create jobs for about 1,500-2,000 laborers with capacity of 2 million products per year.

According to the financial report 2016, Hanwha Life Co., Ltd. has ended 2016 with very positive business results. Total premium revenue increased by 48%, of which new revenue increased by 41% compared to 2015. Especially, 2016 is the first year the company has profit after eight years operating in the Vietnamese market, with the before tax profit worth VND12 billion. Total assets of Hanwha Life as of December 31, 2016 reached VND 2,997 billion, an increase of 32% compared to 2015. These great successes will be the foundation for Hanwha Life to grow strongly in 2017 and the coming years.

Hanwha Life is a member of the Hanwha Group - one of the 10 largest corporations of Korea, and is in the top 500 largest economic groups in the world. Hanwha currently has a diversified business portfolio in the fields of Manufacturing & Construction, Finance, Hospitality & Tourism, Aerospace & Mechatronics, Advanced Chemicals & Raw Materials, and Solar Energy with a network of 284 members worldwide.

Hanwha Life Insurance, established in 1946, is the oldest life insurance company in the Korean market. Hanwha Life Insurance has total assets of US$84 billion and is ranked "AAA" by Korea Ratings and Korean Credit Information Services.

Present in Vietnam in 2009, Hanwha Life Vietnam had over 90 offices / general agents by the beginning of 2017 and more than 24,000 financial consultants, serving more than 100,000 customers nationwide.